Home Buying in Pennsylvania>Question Details

NEPAbuyer, Home Buyer in Pennsylvania

I would like to buy a rowhome in NE Philly. We have a house here in CA so this would be 2nd home but can only visit PA about twice a year &

Asked by NEPAbuyer, Pennsylvania Tue Aug 17, 2010

would rent the rest of the time. Are the rents above mortgage in that area? It also seems alot are 3BR but only 1 BA -- what do bath additions run in that area?

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There are quite a few more questions that need answers to. How much do you plan to spend on the home? How much are you going to put down? Bedrooms?...Baths?... I will be happy to talk to you about your move. Contact me at MJBudzius@aol.com. Have a great day!
0 votes Thank Flag Link Thu Aug 19, 2010
Let's assume you can use it as a vacation home so to speak and you have worked it our with the tenants, your mortgage amount would depend on the type of financing you get. So, to answer your question you need to provide the amount you would be paying for a mortgage every month.
Web Reference: http://thesomersteam.com
0 votes Thank Flag Link Wed Aug 18, 2010
If this is going to be your second home and actually stay in it a couple times a year, where would the tenants go while you're there? Renting it out for "most" of the year will be most difficult to sell.

As for the rent being above the mortgage? Absolutely. If you put enough money down when purchasing the home. And being a second home, you will need to put much more down and there are only certain loans in which you will be able to obtain. FHA/VA loans will be out of the question.
0 votes Thank Flag Link Wed Aug 18, 2010
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